HDFC Bank vs Catholic Syrian Bank

HDFC Bank vs Catholic Syrian Bank

HDFC Bank offers a dedicated children’s savings account called Kids Advantage Account. Catholic Syrian Bank allows parents and guardians to open its various savings accounts – Orange, Silver, Gold and Platinum – on behalf of minors.

Children’s Savings Accounts from HDFC Bank

HDFC Bank, the largest private sector bank in the country in terms of market capitalisation as of September 2019, offers a dedicated children’s savings account called Kids Advantage Account.

Kids Advantage Account

The primary aim of the account is to help build a corpus for the child for her future financial needs.

Features

  • The account is available for every child up to the age of 18 years
  • The bank mandates a minimum average monthly balance of Rs. 5,000 below which it charges service fees. The service fee is Rs. Rs. 150 in case the balance is between Rs. 2,500 and Rs. 5,000, and Rs. 300 in case the balance is less than Rs. 2,500
  • Minors above the age of 10 years can open and operate the account on their own
  • HDFC Bank requires the parent or guardian to have a savings account with the bank before they can open a Kids Advantage Account
  • The international ATM-cum-Debit card debit card comes with a Rs. 2,500 ATM withdrawal limit and Rs. 10,000 POS limit per day
  • HDFC Bank also offers an education insurance cover of Rs. 1 lakh for the child in case the parent or guardian passes away in a road, rail or air accident
  • Its MoneyMaximizer option allows the accountholder to agree to a sweep-out option. Under this when the account reaches or crosses Rs. 35,000, any sum in excess of Rs. 25,000 is automatically transferred to a fixed deposit for 1 year and 1 day
  • The accountholders get a free payable at par chequebook of 25 leaves at the time of account opening and every year thereafter
  • The account comes with free net, phone and SMS banking facilities

Children’s Savings Accounts from Catholic Syrian Bank

Catholic Syrian Bank is one of the oldest banks in the country having been established in 1920. The bank does not offer a dedicated children’s savings bank account but its Orange, Silver, Gold and Platinum savings accounts can be opened on behalf of minors by their parents or guardian.

Orange Savings Account

This savings account comes one step up the InstaDigital Savings Account but offers lesser number of features than the Gold and Platinum accounts.

Features

  • Offers up to 5 free use of other bank ATMs
  • Allows up to Rs. 40,000 in withdrawals from ATMs per day
  • The Orange Savings Account comes with the RuPay Platinum Debit Card
  • Minimum quarterly balance needed is Rs. 1,000 for urban areas and Rs. 500 for rural regions

Silver Savings Account

The Silver Savings Account is one step up the Orange Savings Account and comes with the following features.

Features

  • Unlimited free access to any ATMs in India
  • Allows up to Rs. 75,000 in withdrawals from ATMs every day
  • Users get 20% discount on locker rentals
  • The Silver Savings Account comes with the VISA Platinum Debit Card and offers all its benefits
  • Minimum quarterly balance needed is Rs. 5,000 for urban and rural areas

Gold Savings Account

The Gold savings account from Catholic Syrian falls between the Silver and Platinum accounts. Most of its benefits are similar to the Silver account.

Features

  • Unlimited free access to any bank ATM in the country
  • Allows customers to withdraw up to Rs. 75,000 from ATMs every day
  • Users get 30% discount on locker rentals
  • The Gold Savings Account comes with the VISA Platinum Debit Card
  • Minimum quarterly balance requirement is Rs. 25,000 for urban and rural areas

Platinum Savings Account

The top savings account from Catholic Syrian Bank portfolio.

Features

  • Users have unlimited free access to any ATMs in India
  • Customers can take out up to Rs. 75,000 from any ATM every 24 hours
  • The customers also get 50% discount on locker rentals
  • Platinum Savings Account comes with the VISA Platinum Debit Card like the Silver and Gold accounts
  • Minimum quarterly balance requirement is Rs. 1 lakh for both urban and rural branches

Reference Facts

  • HDFC Bank Website: www.hdfcbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 258 3838
  • Catholic Syrian Bank Website: www.csb.co.in
  • Headquarters: Thrissur, Kerala

Call Centre Number: 1800 266 9090